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LOEVNER FUNDS INC00010181702013-02-282013-02-28false2013-02-282012-10-31International Equity PortfolioInvestment ObjectiveThe International Equity Portfolio (the &#8220;Portfolio&#8221;) seeks long-term capital appreciation through investments in equity securities of companies based outside the United States.Portfolio Fees and ExpensesThis table describes the fees and expenses that you may pay if you buy and hold shares of the Institutional Class of the Portfolio. There is no sales charge imposed on purchases of shares.-0.02Shareholder Fees<br/>(fees paid directly from your investment)PORTFOLIO SUMMARIES<br/>Global Equity PortfolioInvestment ObjectiveThe Global Equity Portfolio (the &#8220;Portfolio&#8221;) seeks long-term capital appreciation through investments in equity securities of companies based both inside and outside the United States.Portfolio Fees and ExpensesThis table describes the fees and expenses that you may pay if you buy and hold shares of the Institutional Class of the Portfolio. There is no sales charge imposed on purchases of shares.Shareholder Fees<br/>(fees paid directly from your investment)Annual Portfolio Operating Expenses<br/>(expenses that you pay each year as a percentage of the<br/>value of your investment)Annual Portfolio Operating Expenses<br/>(expenses that you pay each year as a percentage of the<br/>value of your investment)0.007400.00130.008700.0087&#9632;&nbsp;&nbsp;&nbsp;&nbsp;<b>Example</b>:This example is intended to help you compare the cost of investing in the Institutional Class of the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Institutional Class of the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Institutional Class&#8217;s operating expenses remain the same, except the example assumes that the fee waiver and expense reimbursement agreement pertains only through February 28, 2014. Although your actual costs may be higher or lower, based on these assumptions your costs would be:8927848210730.0085Portfolio Turnover00.00170.0102-0.00070.0095The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio&#8217;s performance. During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was 14% of the average value of its portfolio.97318556Principal Investment Strategies1241The Portfolio invests in companies based in developed markets outside the U.S. as well as in established companies in emerging and frontier markets. Harding Loevner LP (&#8220;Harding Loevner&#8221;), the Portfolio&#8217;s investment adviser, undertakes fundamental research in an effort to identify companies that are well managed, financially sound, fast growing and strongly competitive and whose shares are under-priced relative to their intrinsic value. To reduce its volatility, the Portfolio is diversified across dimensions of geography, industry, currency and market capitalization. The Portfolio normally holds 35-75 investments across at least 15 countries.<br /><br /> Factors bearing on whether a company is considered to be &#8220;based&#8221; outside the United States may include: (1) it is legally domiciled outside the United States; (2) it conducts at least 50% of its business, as measured by the location of its sales, earnings, assets, or production, outside the United States; or (3) it has the principal exchange listing for its securities outside the United States.<br /><br /> The Portfolio will normally invest broadly in equity securities of companies domiciled in the following countries and regions: (1) Europe; (2) the Pacific Rim; (3) Canada and Mexico; and (4) countries with emerging or frontier markets. At least 65% of total assets will be denominated in at least three currencies other than the U.S. Dollar. For purposes of compliance with this restriction, American Depositary Receipts, Global Depositary Receipts, and European Depositary Receipts (collectively, &#8220;Depositary Receipts&#8221;), will be considered to be denominated in the currency of the country where the securities underlying the Depositary Receipts are traded.<br /><br /> The Portfolio invests at least 80% of its net assets (plus any borrowings for investment purposes) in common stocks, preferred stocks, rights and warrants issued by companies that are based outside the United States, securities convertible into such securities (including Depositary Receipts), and investment companies that invest in the types of securities in which the Portfolio would normally invest. This strategy is not fundamental, but should the Portfolio decide to change this strategy, it will provide shareholders with at least 60 days&#8217; prior written notice. The Portfolio also may invest in securities of U.S. companies that derive, or are expected to derive, a significant portion of their revenues from their foreign operations, although under normal circumstances not more than 15% of the Portfolio&#8217;s total assets will be invested in securities of U.S. companies.Principal RisksThe Portfolio is subject to numerous risks, any of which could cause an investor to lose money. The principal risks of the Portfolio are as follows:<ul type="square"><li><b>Market Risk</b>:&nbsp; Investments in the Portfolio may lose value due to a general downturn in stock markets.</li></ul><ul type="square"><li><b> Currency Risk</b>:&nbsp; Foreign currencies may experience steady or sudden devaluation relative to the U.S. dollar, adversely affecting the value of the Portfolio&#8217;s investments. Because the Portfolio&#8217;s net asset value is determined on the basis of U.S. dollars, if the local currency of a foreign market depreciates against the U.S. dollar, you may lose money even if the foreign market prices of the Portfolio&#8217;s holdings rise.</li></ul><ul type="square"><li><b> Foreign Investment Risk</b>:&nbsp; Securities issued by foreign entities involve risks not associated with U.S. investments. These risks include additional taxation, political, economic, social or diplomatic instability, and the above-mentioned possibility of changes in foreign currency exchange rates. There may also be less publicly-available information about a foreign issuer.</li></ul><ul type="square"><li><b> Emerging and Frontier Market Risk</b>:&nbsp; Emerging and frontier market securities involve unique risks, such as exposure to economies less diverse and mature than that of the U.S. or more established foreign markets. Economic or political instability may cause larger price changes in emerging or frontier market securities than in securities of issuers based in more developed foreign countries.</li></ul>Portfolio PerformanceThe bar chart below shows how the Portfolio&#8217;s investment results have varied from year to year. The table that follows shows how the Portfolio&#8217;s Institutional Class average annual total returns compare with a broad measure of market performance. Together, these provide an indication of the risks of investing in the Portfolio. How the Institutional Class of the Portfolio has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future.<br /><br />Updated Portfolio performance information is available at www.hardingloevnerfunds.com or by calling (877) 435-8105.International Equity Portfolio0.1555-0.08220.1742&#9632;&nbsp;&nbsp;&nbsp;&nbsp;<b>Example</b>:This example is intended to help you compare the cost of investing in the Institutional Class of the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Institutional Class of the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Institutional Class&#8217;s operating expenses remain the same, except that the example assumes that the fee waiver and expense reimbursement agreement pertains only through February 28, 2014. Although your actual costs may be higher or lower, based on these assumptions your costs would be:Portfolio TurnoverThe Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio&#8217;s performance. During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was 32% of the average value of its portfolio.Principal Investment StrategiesThe Portfolio invests in companies based in the U.S. and other developed markets, as well as in emerging and frontier markets. Harding Loevner LP (&#8220;Harding Loevner&#8221;), the Portfolio&#8217;s investment adviser, undertakes fundamental research in an effort to identify companies that are well managed, financially sound, fast growing and strongly competitive, and whose shares are under-priced relative to their intrinsic value. To reduce its volatility, the Portfolio is diversified across dimensions of geography, industry, currency and market capitalization. The Portfolio normally holds 35-75 investments across at least 15 countries.<br/><br/>The Portfolio will normally invest broadly in equity securities of companies domiciled in the following countries and regions: (1) Europe; (2) the Pacific Rim; (3) the United States, Canada and Mexico; and (4) countries with emerging or frontier markets. At least 65% of total assets will be denominated in at least three currencies, which may include the U.S. dollar. For purposes of compliance with this restriction, American Depositary Receipts, Global Depositary Receipts, and European Depositary Receipts (collectively, &#8220;Depositary Receipts&#8221;), will be considered to be denominated in the currency of the country where the securities underlying the Depositary Receipts are traded.<br/><br/>The Portfolio invests at least 80% of its net assets (plus any borrowings for investment purposes) in common stocks, preferred stocks, rights and warrants issued by companies that are based both inside and outside the United States, securities convertible into such securities (including Depositary Receipts), and investment companies that invest in the types of securities in which the Portfolio would normally invest. This strategy is not fundamental, but should the Portfolio decide to change this strategy, it will provide shareholders with at least 60 days&#8217; prior written notice.Principal RisksThe Portfolio is subject to numerous risks, any of which could cause an investor to lose money. The principal risks of the Portfolio are as follows:<ul type="square"><li><b>Market Risk</b>:&nbsp; Investments in the Portfolio may lose value due to a general downturn in stock markets.</li></ul><ul type="square"><li><b>Currency Risk</b>:&nbsp; Foreign currencies may experience steady or sudden devaluation relative to the U.S. dollar, adversely affecting the value of the Portfolio&#8217;s investments. Because the Portfolio&#8217;s net asset value is determined on the basis of U.S. dollars, if the local currency of a foreign market depreciates against the U.S. dollar, you may lose money even if the foreign market prices of the Portfolio&#8217;s holdings rise.</li></ul><ul type="square"><li><b>Foreign Investment Risk</b>:&nbsp; Securities issued by foreign entities involve risks not associated with U.S. investments. These risks include additional taxation, political, economic, social or diplomatic instability, and the above-mentioned possibility of changes in foreign currency exchange rates. There may also be less publicly-available information about a foreign issuer.</li></ul><ul type="square"><li><b>Emerging and Frontier Market Risk</b>:&nbsp; Emerging and frontier market securities involve unique risks, such as exposure to economies less diverse and mature than that of the U.S. or more established foreign markets. Economic or political instability may cause larger price changes in emerging or frontier market securities than in securities of issuers based in more developed foreign countries.</li></ul><ul type="square"><li><b>Small- and Mid-Capitalization Risk</b>:&nbsp; The securities of smaller and medium-sized companies have historically exhibited more volatility with a lower degree of liquidity than larger companies.</li></ul>Portfolio PerformanceThe bar chart below shows how the Portfolio&#8217;s investment results have varied from year to year. The table that follows shows how the Portfolio&#8217;s Institutional Class average annual total returns compare with a broad measure of market performance. Together, these provide an indication of the risks of investing in the Portfolio. How the Institutional Class of the Portfolio has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future.<br/><br/>Updated Portfolio performance information is available at www.hardingloevnerfunds.com or by calling (877) 435-8105.The best calendar quarter return during the period shown above was 15.90% in the 1st quarter of 2012; the worst was -16.23% in the 3rd quarter of 2011.Global Equity PortfolioAverage Annual Total Returns<br/>(for the periods ended December 31, 2012)0.17420.17340.11430.16130.08810.08620.07530.08282009-11-032009-11-032009-11-032009-11-030.26960.11640.20160.23010.1293-0.39240.40570.1749-0.09780.2028best calendar quarter returnthe worst2012-03-312011-09-300.159-0.1623best calendar quarter return2009-06-300.2143the worst2008-12-31-0.2212The best calendar quarter return during the period shown above was 21.43% in the 2nd quarter of 2009; the worst was -22.12% in the 4th quarter of 2008.Average Annual Total Returns<br />(for the periods ended December 31, 2012)-0.020.20280.20140.13380.16840.01720.01050.0128-0.02890.09930.09340.08780.0975February 28, 2014Expense information in this table has been restated to reflect current fees.0.32The Portfolio is subject to numerous risks, any of which could cause an investor to lose money.The bar chart below shows how the Portfolio&#8217;s investment results have varied from year to year. The table that follows shows how the Portfolio&#8217;s Institutional Class average annual total returns compare with a broad measure of market performance.(877) 435-8105www.hardingloevnerfunds.comHow the Institutional Class of the Portfolio has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future.After-tax returns in the table above are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Portfolio shares through tax-deferred arrangements, such as 401(k) plans or Individual Retirement Accounts.In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Portfolio shares at the end of the measurement period.February 28, 20140.14The Portfolio is subject to numerous risks, any of which could cause an investor to lose money.The bar chart below shows how the Portfolio&#8217;s investment results have varied from year to year. The table that follows shows how the Portfolio&#8217;s Institutional Class average annual total returns compare with a broad measure of market performance.(877) 435-8105www.hardingloevnerfunds.comHow the Institutional Class of the Portfolio has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future.After-tax returns in the table above are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Portfolio shares through tax-deferred arrangements, such as 401(k) plans or Individual Retirement Accounts.In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Portfolio shares at the end of the measurement period.<div style="display:none">~ http://www.hardingloevnerfunds.com/role/ScheduleShareholderFeesHardingLoevnerGlobalEquityPortfolio column period compact * ~</div>
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International Small Companies PortfolioInvestment ObjectiveThe International Small Companies Portfolio (the &#8220;Portfolio&#8221;) seeks long-term capital appreciation through investments in equity securities of small companies based outside the United States.Portfolio Fees and ExpensesThis table describes the fees and expenses that you may pay if you buy and hold shares of the Institutional Class of the Portfolio. There is no sales charge imposed on purchases of shares.Shareholder Fees<br/>(fees paid directly from your investment)Annual Portfolio Operating Expenses<br/>(expenses that you pay each year as a percentage of the<br/>value of your investment)&#9632;&nbsp;&nbsp;&nbsp;&nbsp;<b>Example</b>:This example is intended to help you compare the cost of investing in the Institutional Class of the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Institutional Class of the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Institutional Class&#8217;s operating expenses remain the same, except that the example assumes the fee waiver and expense reimbursement agreement pertains only through February 28, 2014. Although your actual costs may be higher or lower, based on these assumptions your costs would be:Portfolio TurnoverThe Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio&#8217;s performance. During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was 10% of the average value of its portfolio.Principal Investment StrategiesThe Portfolio invests in small companies based outside the U.S., including companies in emerging and frontier as well as in developed markets. Companies considered to be small are those with a market capitalization below US$3 billion. Harding Loevner LP (&#8220;Harding Loevner&#8221;), the Portfolio&#8217;s investment adviser, undertakes fundamental research in an effort to identify companies that are well managed, financially sound, fast growing and strongly competitive and whose shares are under-priced relative to their intrinsic value. To reduce its volatility, the Portfolio is diversified across dimensions of geography, industry and currency. The Portfolio normally holds 50-200 investments across at least 12 countries.<br/><br/>Factors bearing on whether a company is considered to be &#8220;based&#8221; outside the United States may include: (1) it is legally domiciled outside the United States; (2) it conducts at least 50% of its business, as measured by the location of its sales, earnings, assets, or production, outside the United States; or (3) it has the principal exchange listing for its securities outside the United States.<br/><br/>The Portfolio will normally invest broadly in equity securities of small companies domiciled in the following countries and regions: (1) Europe; (2) the Pacific Rim; (3) Canada and Mexico; and (4) countries with emerging or frontier markets. At least 65% of total assets will be denominated in at least three currencies other than the U.S. Dollar. For purposes of compliance with this restriction, American Depositary Receipts, Global Depositary Receipts and European Depositary Receipts (collectively, &#8220;Depositary Receipts&#8221;) will be considered to be denominated in the currency of the country where the securities underlying the Depositary Receipts are traded.<br/><br/>The Portfolio invests at least 80% of its net assets (plus any borrowings for investment purposes) in common stocks, preferred stocks, rights and warrants issued by small companies that are based outside the United States, securities convertible into such securities (including Depositary Receipts), and investment companies that invest in the types of securities in which the Portfolio would normally invest. This strategy is not fundamental, but should the Portfolio decide to change this strategy, it will provide shareholders with at least 60 days&#8217; prior written notice. If the Portfolio continues to hold securities of small companies whose market capitalization, subsequent to purchase, grows to exceed US$3 billion, it may continue to treat them as small for the purposes of the 80% requirement. The Portfolio also may invest in securities of small U.S. companies that derive, or are expected to derive, a significant portion of their revenues from their foreign operations, although under normal circumstances not more than 15% of the Portfolio&#8217;s total assets will be invested in securities of U.S. companies.Principal RisksPortfolio PerformanceThe bar chart below shows the Portfolio&#8217;s investment results for the calendar year ended 2012. The table that follows shows how the Portfolio&#8217;s Institutional Class average annual total returns compare with a broad measure of market performance. Together, these provide an indication of the risks of investing in the Portfolio. How the Institutional Class of the Portfolio has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future.<br/><br/>Updated Portfolio performance information is available at www.hardingloevnerfunds.com or by calling (877) 435-8105.The best calendar quarter return during the period shown above was 16.56% in the 1st quarter of 2012; the worst was -5.65% in the 2nd quarter of 2012.International Small Companies PortfolioAverage Annual Total Returns<br/>(for the periods ended December 31, 2012)-0.020.012500.00390.0164-0.00340.01313248486019150.2430.24080.16080.185-0.0047-0.0068-0.0042-0.0325Institutional Emerging Markets PortfolioInvestment ObjectiveThe Institutional Emerging Markets Portfolio (the &#8220;Portfolio&#8221;) seeks long-term capital appreciation through investments in equity securities of companies based in emerging markets.2011-06-302011-06-302011-06-302011-06-30Portfolio Fees and ExpensesThis table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. There is no sales charge imposed on purchases of shares.Shareholder Fees<br/>(fees paid directly from your investment)-0.02Annual Portfolio Operating Expenses<br/>(expenses that you pay each year as a percentage of the<br/>value of your investment)0.011500.00190.0134-0.00040.013&#9632;&nbsp;&nbsp;&nbsp;&nbsp;<b>Example</b>:This example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Portfolio&#8217;s operating expenses remain the same, except that the example assumes that the fee waiver and expense reimbursement pertains only through February 28, 2014. Although your actual costs may be higher or lower, based on these assumptions your costs would be:1324217301609Expense information in this table has been restated to reflect current fees.February 28, 20140.1The bar chart below shows the Portfolio&#8217;s investment results for the calendar year ended 2012. The table that follows shows how the Portfolio&#8217;s Institutional Class average annual total returns compare with a broad measure of market performance.Portfolio Turnover(877) 435-8105www.hardingloevnerfunds.comHow the Institutional Class of the Portfolio has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future.After-tax returns in the table above are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Portfolio shares through tax-deferred arrangements, such as 401(k) plans or Individual Retirement Accounts.In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Portfolio shares at the end of the measurement period.The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio&#8217;s performance. During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was 42% of the average value of its portfolio.Principal Investment Strategies2012-03-312012-06-300.1656-0.0565the worstbest calendar quarter return0.243The Portfolio invests primarily in companies that are based in emerging and frontier markets. It may also invest in short-term or other debt securities. Emerging and frontier markets offer investment opportunities that arise from long-term trends in demographics, deregulation, offshore outsourcing and improving corporate governance in developing countries. Harding Loevner LP (&#8220;Harding Loevner&#8221;), the Portfolio&#8217;s investment adviser, undertakes fundamental research in an effort to identify companies that are well managed, financially sound, fast growing and strongly competitive, and whose shares are under-priced relative to their intrinsic value. To reduce its volatility, the Portfolio is diversified across dimensions of geography, industry and currency. The Portfolio normally holds 50-80 investments across at least 15 countries. Emerging and frontier markets include countries that have an emerging stock market as defined by Morgan Stanley Capital International, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets with similar characteristics. Emerging and frontier markets tend to have relatively low gross national product per capita compared to the world&#8217;s major economies and may have the potential for rapid economic growth.<br /><br /> Factors bearing on whether a company is considered to be &#8220;based&#8221; in an emerging or frontier market may include: (1) it is legally domiciled in an emerging or frontier market; (2) it conducts at least 50% of its business, as measured by the location of its sales, earnings, assets, or production, in an emerging or frontier market; or (3) it has the principal exchange listing for its securities in an emerging or frontier market.<br /><br /> The Portfolio will invest broadly in equity and debt securities of companies domiciled in one of at least 15 countries with emerging or frontier markets, generally considered to include all countries except Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. At least 65% of the Portfolio&#8217;s total assets will be denominated in at least three currencies other than the U.S. Dollar. For purposes of compliance with this restriction, American Depositary Receipts, Global Depositary Receipts and European Depositary Receipts (collectively, &#8220;Depositary Receipts&#8221;) will be considered to be denominated in the currency of the country where the securities underlying the Depositary Receipts are traded.<br /><br /> The Portfolio invests at least 65% of its total assets in common stocks, preferred stocks, rights and warrants issued by companies that are based in emerging or frontier markets, securities convertible into such securities (including Depositary Receipts), and investment companies that invest in the types of securities in which the Portfolio would normally invest. The Portfolio also may invest in securities of U.S. companies that derive, or are expected to derive, a significant portion of their revenues from their foreign operations, although under normal circumstances, not more than 15% of the Portfolio&#8217;s total assets will be invested in securities of U.S. companies. The Portfolio also may invest up to 35% of its total assets in debt securities of domestic and foreign issuers, including such instruments as corporate bonds, debentures, notes, commercial paper, short-term notes, medium-term notes and variable rate notes.<br /><br /> The Portfolio invests at least 80% of its net assets (plus any borrowings for investment purposes) in emerging and frontier markets securities. This strategy is not fundamental, but should the Portfolio decide to change this strategy, it will provide shareholders with at least 60 days&#8217; prior written notice.<br /><br /> The Portfolio also may invest in derivatives, including forward foreign currency exchange contracts and equity derivative securities such as participation notes; options on common stocks; and options, futures and options on futures on foreign common stock indices. Because some emerging market countries do not permit foreigners to participate directly in their securities markets or otherwise present difficulties for efficient foreign investment, the Portfolio may use equity derivative securities, and, in particular, participation notes, to gain exposure to those countries.Principal RisksThe Portfolio is subject to numerous risks, any of which could cause an investor to lose money. The principal risks of the Portfolio are as follows:<ul type="square"><li><b>Market Risk</b>:&nbsp; Investments in the Portfolio may lose value due to a general downturn in stock markets.</li></ul><ul type="square"><li><b>Currency Risk</b>:&nbsp; Foreign currencies may experience steady or sudden devaluation relative to the U.S. dollar, adversely affecting the value of the Portfolio&#8217;s investments. Because the Portfolio&#8217;s net asset value is determined on the basis of U.S. dollars, if the local currency of a foreign market depreciates against the U.S. dollar, you may lose money even if the foreign market prices of the Portfolio&#8217;s holdings rise.</li></ul><ul type="square"><li><b>Foreign Investment Risk</b>:&nbsp; Securities issued by foreign entities involve risks not associated with U.S. investments. These risks include additional taxation, political, economic, social or diplomatic instability, and the above-mentioned possibility of changes in the foreign currency exchange rates. There may also be less publicly-available information about a foreign issuer.</li></ul><ul type="square"><li><b>Emerging and Frontier Market Risk</b>:&nbsp; Emerging and frontier market securities involve unique risks, such as exposure to economies less diverse and mature than that of the U.S. or more established foreign markets. Economic or political instability may cause larger price changes in emerging or frontier market securities than in securities of issuers based in more developed foreign countries.</li></ul><ul type="square"><li><b>Small Company Risk</b>:&nbsp; The securities of smaller companies have historically exhibited more volatility with a lower degree of liquidity than large companies.</li></ul>The Portfolio is subject to numerous risks, any of which could cause an investor to lose money.The Portfolio is subject to numerous risks, any of which could cause an investor to lose money. The principal risks of the Portfolio are as follows:<ul type="square"><li><b>Market Risk</b>:&nbsp; Investments in the Portfolio may lose value due to a general downturn in stock markets. </li></ul><ul type="square"><li><b>Currency Risk</b>:&nbsp; Foreign currencies may experience steady or sudden devaluation relative to the U.S. dollar, adversely affecting the value of the Portfolio&#8217;s investments. Because the Portfolio&#8217;s net asset value is determined on the basis of U.S. dollars, if the local currency of a foreign market depreciates against the U.S. dollar, you may lose money even if the foreign market prices of the Portfolio&#8217;s holdings rise.</li></ul><ul type="square"><li><b> Foreign Investment Risk</b>:&nbsp; Securities issued by foreign entities involve risks not associated with U.S. investments. These risks include additional taxation, political, economic, social or diplomatic instability, and the above-mentioned possibility of changes in foreign currency exchange rates. There may also be less publicly-available information about a foreign issuer.</li></ul><ul type="square"><li><b> Emerging and Frontier Market Risk</b>:&nbsp; Emerging and frontier market securities involve unique risks, such as exposure to economies less diverse and mature than that of the U.S. or more established foreign markets. Economic or political instability may cause larger price changes in emerging or frontier market securities than in securities of issuers based in more developed foreign countries.</li></ul><ul type="square"><li><b> Debt Securities Risk</b>:&nbsp; Debt securities may lose value due to unfavorable fluctuations in the level of interest rates or due to a decline in the creditworthiness of the issuer. As interest rates rise, the value of debt securities declines. This risk is generally greater for debt securities with longer maturities than for debt securities with shorter maturities. </li></ul><ul type="square"><li><b>Participation Notes Risk</b>:&nbsp; Participation notes are designed to replicate the return of a particular underlying equity or debt security, currency or market. Participation notes involve the same risks associated with a direct investment in the underlying security, currency or market. In addition, participation notes involve counterparty risk, because the Portfolio has no rights against the issuer(s) of the underlying security(ies) and must rely on the creditworthiness of the issuer of the participation note.</li></ul>Portfolio PerformanceThe bar chart below shows how the Portfolio&#8217;s investment results have varied from year to year. The table that follows shows how the Portfolio&#8217;s average annual total returns compare with a broad measure of market performance. Together, these provide an indication of the risks of investing in the Portfolio. How the Portfolio has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future.<br /><br />Updated Portfolio performance information is available at www.hardingloevnerfunds.com or by calling (877) 435-8105.Institutional Emerging Markets Portfolio0.3010.3627<div style="display:none">~ http://www.hardingloevnerfunds.com/role/ScheduleShareholderFeesHardingLoevnerInternationalSmallCompaniesPortfolio column period compact * ~</div>
-0.52480.63970.208-0.1697<div style="display:none">~ http://www.hardingloevnerfunds.com/role/ScheduleAnnualFundOperatingExpensesHardingLoevnerInternationalSmallCompaniesPortfolio column period compact * ~</div>
0.2246<div style="display:none">~ http://www.hardingloevnerfunds.com/role/ScheduleExpenseExampleTransposedHardingLoevnerInternationalSmallCompaniesPortfolio column period compact * ~</div>
<div style="display:none">~ http://www.hardingloevnerfunds.com/role/ScheduleAnnualTotalReturnsHardingLoevnerInternationalSmallCompaniesPortfolioBarChart column period compact * ~</div>
<div style="display:none">~ http://www.hardingloevnerfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedHardingLoevnerInternationalSmallCompaniesPortfolio column period compact * ~</div>
best calendar quarter return2009-06-300.3322the worst2008-12-31-0.2841Average Annual Total Returns<br/>(for the periods ended December 31, 2012)0.22460.22330.14760.1823-0.0088-0.01-0.0073-0.00920.09560.09360.08430.10122005-10-172005-10-172005-10-172005-10-17February 28, 20140.42Expense information in this table has been restated to reflect current fees.The Portfolio is subject to numerous risks, any of which could cause an investor to lose money.The bar chart below shows how the Portfolio&#8217;s investment results have varied from year to year. The table that follows shows how the Portfolio&#8217;s average annual total returns compare with a broad measure of market performance.(877) 435-8105www.hardingloevnerfunds.comHow the Portfolio has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future.The best calendar quarter return during the period shown above was 33.22% in the 2nd quarter of 2009; the worst was -28.41% in the 4th quarter of 2008.After-tax returns in the table above are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Portfolio shares through tax-deferred arrangements, such as 401(k) plans or Individual Retirement Accounts.In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Portfolio shares at the end of the measurement period.Frontier Emerging Markets PortfolioInvestment ObjectiveThe Frontier Emerging Markets Portfolio (the &#8220;Portfolio&#8221;) seeks long-term capital appreciation through investments in equity securities of companies based in frontier and smaller emerging markets.Portfolio Fees and ExpensesThis table describes the fees and expenses that you may pay if you buy and hold shares of the Institutional Class of the Portfolio. There is no sales charge imposed on purchases of shares.Shareholder Fees<br/>(fees paid directly from your investment)Annual Portfolio Operating Expenses<br/>(expenses that you pay each year as a percentage of the<br/>value of your investment)&#9632;&nbsp;&nbsp;&nbsp;&nbsp;<b>Example</b>:This example is intended to help you compare the cost of investing in the Institutional Class of the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Institutional Class of the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Institutional Class&#8217;s operating expenses remain the same, except that the example assumes that the fee waiver and expense reimbursement agreement pertains only through February 28, 2014. Although your actual costs may be higher or lower, based on these assumptions your costs would be:Portfolio TurnoverThe Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio&#8217;s performance. During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was 72% of the average value of its portfolio.Principal Investment Strategies0.01500.00450.019500.019519861210522275The Portfolio invests primarily in companies that are based in frontier emerging markets, including the smaller traditionally-recognized emerging markets. Frontier emerging markets, with the exception of the oil-producing Gulf States and certain of the smaller traditionally-recognized emerging markets, tend to have relatively low gross national product per capita compared to the larger traditionally-recognized emerging markets and the world&#8217;s major developed economies. The frontier emerging markets include the least developed markets even by emerging markets standards. Frontier emerging markets offer investment opportunities that arise from long-term trends in demographics, deregulation, offshore outsourcing and improving corporate governance in developing countries. Harding Loevner LP (&#8220;Harding Loevner&#8221;), the Portfolio&#8217;s investment adviser, undertakes fundamental research in an effort to identify companies that are well managed, financially sound, fast growing and strongly competitive, and whose shares are under-priced relative to their intrinsic value. To reduce its volatility, the Portfolio is diversified across dimensions of geography, industry, and currency. The Portfolio normally holds 50-200 investments across at least 12 countries.<br/><br/>As used herein, frontier emerging markets include countries that are represented in the MSCI Frontier Markets Index or the S&amp;P Frontier Markets BMI, or similar market indices, and the smaller of the traditionally-recognized emerging markets, such as those individually constituting less than 5% of the MSCI Emerging Markets Index or the S&amp;P Emerging Markets BMI. Factors bearing on whether a company is considered to be &#8220;based&#8221; in a frontier emerging market may include: (1) it is legally domiciled in a frontier emerging market; (2) it conducts at least 50% of its business, as measured by the location of its sales, earnings, assets, or production, in frontier emerging markets; or (3) it has the principal exchange listing for its securities in a frontier emerging market. Frontier emerging markets generally include all countries except the developed markets of Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States and the larger traditionally-recognized emerging markets of Taiwan, Korea, Mexico, South Africa, Brazil, India, China and Russia. At least 65% of the Portfolio&#8217;s total assets will be denominated in at least three currencies other than the U.S. Dollar. For purposes of compliance with this restriction, American Depositary Receipts, Global Depositary Receipts and European Depositary Receipts (collectively, &#8220;Depositary Receipts&#8221;) will be considered to be denominated in the currency of the country where the securities underlying the Depositary Receipts are traded.<br/><br/>The Portfolio invests at least 65% of its total assets in common stocks, preferred stocks, rights and warrants issued by companies that are based in the frontier emerging markets, securities convertible into such securities (including Depositary Receipts), and investment companies that invest in the types of securities in which the Portfolio would normally invest. The Portfolio also may invest in securities of U.S. companies that derive, or are expected to derive, a significant portion of their revenues from their foreign operations, although under normal circumstances, not more than 15% of the Portfolio&#8217;s total assets will be invested in securities of U.S. companies. The Portfolio may also invest in short-term or other debt securities. The Portfolio may invest up to 35% of its total assets in debt securities of domestic and foreign issuers, including such instruments as corporate bonds, debentures, notes, commercial paper, short-term notes, medium-term notes and variable rate notes.<br/><br/>The Portfolio invests at least 80% of its net assets (plus any borrowings for investment purposes) in frontier emerging market securities. This strategy is not fundamental, but should the Portfolio decide to change this strategy, it will provide shareholders with at least 60 days&#8217; prior written notice.<br/><br/>The Portfolio also may invest in derivatives, including forward foreign currency exchange contracts and equity derivative securities such as participation notes; options on common stocks; and options, futures and options on futures on foreign common stock indices. Because some emerging market countries do not permit foreigners to participate directly in their securities markets or otherwise present difficulties for efficient foreign investment, the Portfolio may use equity derivative securities, and, in particular, participation notes, to gain exposure to those countries.Principal RisksThe Portfolio is subject to numerous risks, any of which could cause an investor to lose money. The principal risks of the Portfolio are as follows:<ul type="square"><li><b>Market Risk</b>: &nbsp;Investments in the Portfolio may lose value due to a general downturn in stock markets.</li></ul><ul type="square"><li><b>Currency Risk</b>: &nbsp;Foreign currencies may experience steady or sudden devaluation relative to the U.S. dollar, adversely affecting the value of the Portfolio&#8217;s investments. Because the Portfolio&#8217;s net asset value is determined on the basis of U.S. dollars, if the local currency of a foreign market depreciates against the U.S. dollar, you may lose money even if the foreign market prices of the Portfolio&#8217;s holdings rise.</li></ul><ul type="square"><li><b>Foreign Investment Risk</b>: &nbsp;Securities issued by foreign entities involve risks not associated with U.S. investments. These risks include additional taxation, political, economic, social or diplomatic instability, and the above-mentioned possibility of changes in the foreign currency exchange rates. There may also be less publicly-available information about a foreign issuer. Such risks may be magnified with respect to securities of issuers in frontier emerging markets.</li></ul><ul type="square"><li><b>Frontier Emerging Market Risk</b>: &nbsp;Frontier emerging market securities involve unique risks, such as exposure to economies less diverse and mature than that of the U.S. or more established foreign markets. Economic or political instability may cause larger price changes in frontier emerging market securities than in securities of issuers based in more developed foreign countries, including securities of issuers based in larger emerging markets. Frontier emerging markets generally receive less investor attention than developed markets and larger emerging markets.</li></ul><ul type="square"><li><b>Debt Securities Risk</b>: &nbsp;Debt securities may lose value due to unfavorable fluctuations in the level of interest rates or due to a decline in the creditworthiness of the issuer. As interest rates rise, the value of debt securities declines. This risk is generally greater for debt securities with longer maturities than for debt securities with shorter maturities.</li></ul><ul type="square"><li><b>Participation Notes Risk</b>: &nbsp;Participation notes are designed to replicate the return of a particular underlying equity or debt security, currency or market. Participation notes involve the same risks associated with a direct investment in the underlying security, currency or market. In addition, participation notes involve counterparty risk, because the Portfolio has no rights under participation notes against the issuer(s) of the underlying security(ies) and must rely on the creditworthiness of the issuer of the participation note.</li></ul><ul type="square"><li><b>Concentration Risk</b>: &nbsp;The Portfolio may invest up to 35% of its total assets in securities of companies in any one industry if, at the time of investment, that industry represents 20% or more of the Portfolio&#8217;s benchmark index, currently the MSCI Frontier Emerging Markets Index. Accordingly, at any time the Portfolio has such a concentration of investments in a single industry group, it will be particularly vulnerable to factors that adversely affect that industry group.</li></ul>Portfolio PerformanceThe bar chart below shows how the Portfolio&#8217;s investment results have varied from year to year. The table that follows shows how the Portfolio&#8217;s Institutional Class average annual total returns compare with a broad measure of market performance. Together, these provide an indication of the risks of investing in the Portfolio. How the Institutional Class of the Portfolio has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future.<br/><br/>Updated Portfolio performance information is available at www.hardingloevnerfunds.com or by calling (877) 435-8105.The best calendar quarter return during the period shown above was 37.37% in the 2nd quarter of 2009; the worst was -15.65% in the 3rd quarter of 2011.Frontier Emerging Markets PortfolioAverage Annual Total Returns<br/>(for the periods ended December 31, 2012)-0.020.19880.19680.1320.2087-0.0589-0.0598-0.0491-0.06642008-05-272008-05-272008-05-272008-05-270.38970.2484-0.21030.1988best calendar quarter returnthe worst2009-06-302011-09-300.3737-0.1565Investment ObjectivePORTFOLIO SUMMARIES<br />Global Equity PortfolioThe Global Equity Portfolio (the &#8220;Portfolio&#8221;) seeks long-term capital appreciation through investments in equity securities of companies based both inside and outside the United States.Portfolio Fees and ExpensesFebruary 28, 20140.72This table describes the fees and expenses that you may pay if you buy and hold shares of the Advisor Class of the Portfolio. There is no sales charge imposed on purchases of shares.The Portfolio is subject to numerous risks, any of which could cause an investor to lose money.The bar chart below shows how the Portfolio&#8217;s investment results have varied from year to year. The table that follows shows how the Portfolio&#8217;s Institutional Class average annual total returns compare with a broad measure of market performance.How the Institutional Class of the Portfolio has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future.www.hardingloevnerfunds.comShareholder Fees<br/>(fees paid directly from your investment)(877) 435-8105After-tax returns in the table above are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Portfolio shares through tax-deferred arrangements, such as 401(k) plans or Individual Retirement Accounts.In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Portfolio shares at the end of the measurement period.-0.02Annual Portfolio Operating Expenses<br/>(expenses that you pay each<br/> year as a percentage of the value of your<br/> investment)0.008500.0040.012500.0125&#9632;&nbsp;&nbsp;&nbsp;&nbsp;<b>Example:</b>This example is intended to help you compare the cost of investing in the Advisor Class of the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Advisor Class of the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Advisor Class&#8217;s operating expenses remain the same, except that the example assumes that the fee waiver and expense reimbursement agreement pertains only through February 28, 2014. Although your actual costs may be higher or lower, based on these assumptions your costs would be:1273976861511<div style="display:none">~ http://www.hardingloevnerfunds.com/role/ScheduleShareholderFeesHardingLoevnerFrontierEmergingMarketsPortfolio column period compact * ~</div>
<div style="display:none">~ http://www.hardingloevnerfunds.com/role/ScheduleAnnualFundOperatingExpensesHardingLoevnerFrontierEmergingMarketsPortfolio column period compact * ~</div>
Portfolio Turnover<div style="display:none">~ http://www.hardingloevnerfunds.com/role/ScheduleExpenseExampleTransposedHardingLoevnerFrontierEmergingMarketsPortfolio column period compact * ~</div>
The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio&#8217;s performance. During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was 32% of the average value of its portfolio.<div style="display:none">~ http://www.hardingloevnerfunds.com/role/ScheduleAnnualTotalReturnsHardingLoevnerFrontierEmergingMarketsPortfolioBarChart column period compact * ~</div>
<div style="display:none">~ http://www.hardingloevnerfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedHardingLoevnerFrontierEmergingMarketsPortfolio column period compact * ~</div>
Principal Investment StrategiesThe Portfolio invests in companies based in the U.S. and other developed markets, as well as in emerging and frontier markets. Harding Loevner LP (&#8220;Harding Loevner&#8221;), the Portfolio&#8217;s investment adviser, undertakes fundamental research in an effort to identify companies that are well managed, financially sound, fast growing and strongly competitive, and whose shares are under-priced relative to their intrinsic value. To reduce its volatility, the Portfolio is diversified across dimensions of geography, industry, currency and market capitalization. The Portfolio normally holds 35-75 investments across at least 15 countries. The Portfolio will normally invest broadly in equity securities of companies domiciled in the following countries and regions: (1) Europe; (2) the Pacific Rim; (3) the United States, Canada and Mexico; and (4) countries with emerging or frontier markets. At least 65% of total assets will be denominated in at least three currencies, which may include the U.S. dollar. For purposes of compliance with this restriction, American Depositary Receipts, Global Depositary Receipts, and European Depositary Receipts (collectively, &#8220;Depositary Receipts&#8221;), will be considered to be denominated in the currency of the country where the securities underlying the Depositary Receipts are traded.<br /><br /> The Portfolio invests at least 80% of its net assets (plus any borrowings for investment purposes) in common stocks, preferred stocks, rights and warrants issued by companies that are based both inside and outside the United States, securities convertible into such securities (including Depositary Receipts), and investment companies that invest in the types of securities in which the Portfolio would normally invest. This strategy is not fundamental, but should the Portfolio decide to change this strategy, it will provide shareholders with at least 60 days&#8217; prior written notice.<br /><br /> The Portfolio may also invest in derivatives, including forward foreign currency exchange contracts and equity derivative securities such as participation notes; options on common stocks; and options, futures, and options on futures on foreign common stock indices. Because some emerging market countries do not permit foreigners to participate directly in their securities markets or otherwise present difficulties for efficient foreign investment, the Portfolio may use equity derivative securities, and, in particular, participation notes, to gain exposure to those countries.Principal RisksThe Portfolio is subject to numerous risks, any of which could cause an investor to lose money. The principal risks of the Portfolio are as follows:<ul type="square"><li><b>Market Risk</b>: &nbsp;Investments in the Portfolio may lose value due to a general downturn in stock markets. </li></ul><ul type="square"><li><b>Currency Risk</b>: &nbsp;Foreign currencies may experience steady or sudden devaluation relative to the U.S. dollar, adversely affecting the value of the Portfolio&#8217;s investments. Because the Portfolio&#8217;s net asset value is determined on the basis of U.S. dollars, if the local currency of a foreign market depreciates against the U.S. dollar, you may lose money even if the foreign market prices of the Portfolio&#8217;s holdings rise. </li></ul><ul type="square"><li><b>Foreign Investment Risk</b>: &nbsp;Securities issued by foreign entities involve risks not associated with U.S. investments. These risks include additional taxation, political, economic, social or diplomatic instability, and the above-mentioned possibility of changes in foreign currency exchange rates. There may also be less publicly-available information about a foreign issuer.</li></ul><ul type="square"><li><b> Emerging and Frontier Market Risk</b>: &nbsp;Emerging and frontier market securities involve unique risks, such as exposure to economies less diverse and mature than that of the U.S. or more established foreign markets. Economic or political instability may cause larger price changes in emerging or frontier market securities than in securities of issuers based in more developed foreign countries.</li></ul><ul type="square"><li><b> Participation Notes Risk</b>: &nbsp;Participation notes are designed to replicate the return of a particular underlying equity or debt security, currency or market. Participation notes involve the same risks associated with a direct investment in the underlying security, currency or market. In addition, participation notes involve counterparty risk, because the Portfolio has no rights against the issuer(s) of the underlying security(ies) and must rely on the creditworthiness of the issuer of the participation note.</li></ul><ul type="square"><li><b> Small- and Mid-Capitalization Risk</b>: &nbsp;The securities of smaller and medium-sized companies have historically exhibited more volatility with a lower degree of liquidity than larger companies. </li></ul>Portfolio PerformanceThe bar chart below shows how the Portfolio&#8217;s investment results have varied from year to year. The table that follows shows how the Portfolio&#8217;s Advisor Class average annual total returns compare with a broad measure of market performance. Together, these provide an indication of the risks of investing in the Portfolio. How the Advisor Class of the Portfolio has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future.<br /><br />Updated Portfolio performance information is available at www.hardingloevnerfunds.com or by calling (877) 435-8105.Global Equity Portfolio0.011400.003304658031757-0.020.01470.0147Emerging Markets PortfolioInvestment ObjectiveThe Emerging Markets Portfolio (the &#8220;Portfolio&#8221;) seeks long-term capital appreciation through investments in equity securities of companies based in emerging markets.Portfolio Fees and Expenses0.0125This table describes the fees and expenses that you may pay if you buy and hold shares of the Advisor Class of the Portfolio. There is no sales charge imposed on purchases of shares.0.00250.00520.0202Shareholder Fees<br/>(fees paid directly from your investment)0.0155Annual Portfolio Operating Expenses<br/>(expenses that you pay each year as a<br/>percentage of the value of your investment)&#9632;&nbsp;&nbsp;&nbsp;&nbsp;<b>Example</b>:This example is intended to help you compare the cost of investing in the Advisor Class of the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Advisor Class of the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Advisor Class&#8217;s operating expenses remain the same, except that the example assumes the fee waiver and expense reimbursement agreement pertains only through February 28, 2014. Although your actual costs may be higher or lower, based on these assumptions your costs would be:1501585881045Portfolio Turnover2310The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio&#8217;s performance. During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was 36% of the average value of its portfolio.0.36The Portfolio invests primarily in companies that are based in emerging and frontier markets. It may also invest in short-term or other debt securities. Emerging and frontier markets offer investment opportunities that arise from long-term trends in demographics, deregulation, offshore outsourcing and improving corporate governance in developing countries. Harding Loevner LP (&#8220;Harding Loevner&#8221;), the Portfolio&#8217;s investment adviser, undertakes fundamental research in an effort to identify companies that are well managed, financially sound, fast growing and strongly competitive, and whose shares are under-priced relative to their intrinsic value. To reduce its volatility, the Portfolio is diversified across dimensions of geography, industry and currency. The Portfolio normally holds 50-80 investments across at least 15 countries. Emerging and frontier markets include countries that have an emerging stock market as defined by Morgan Stanley Capital International, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets with similar characteristics. Emerging and frontier markets tend to have relatively low gross national product per capita compared to the world&#8217;s major economies and may have the potential for rapid economic growth. <br/><br/>Factors bearing on whether a company is considered to be &#8220;based&#8221; in an emerging or frontier market may include: (1) it is legally domiciled in an emerging or frontier market; (2) it conducts at least 50% of its business, as measured by the location of its sales, earnings, assets, or production, in an emerging or frontier market; or (3) it has the principal exchange listing for its securities in an emerging or frontier market. <br/><br/>The Portfolio will invest broadly in equity and debt securities of companies domiciled in one of at least 15 countries with emerging or frontier markets, generally considered to include all countries except Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. At least 65% of the Portfolio&#8217;s total assets will be denominated in at least three currencies other than the U.S. Dollar. For purposes of compliance with this restriction, American Depositary Receipts, Global Depositary Receipts and European Depositary Receipts (collectively, &#8220;Depositary Receipts&#8221;) will be considered to be denominated in the currency of the country where the securities underlying the Depositary Receipts are traded. <br/><br/>The Portfolio invests at least 65% of its total assets in common stocks, preferred stocks, rights and warrants issued by companies that are based in emerging or frontier markets, securities convertible into such securities (including Depositary Receipts), and investment companies that invest in the types of securities in which the Portfolio would normally invest. The Portfolio also may invest in securities of U.S. companies that derive, or are expected to derive, a significant portion of their revenues from their foreign operations, although under normal circumstances, not more than 15% of the Portfolio&#8217;s total assets will be invested in securities of U.S. companies. The Portfolio also may invest up to 35% of its total assets in debt securities of domestic and foreign issuers, including such instruments as corporate bonds, debentures, notes, commercial paper, short-term notes, medium-term notes and variable rate notes.<br/><br/>The Portfolio invests at least 80% of its net assets (plus any borrowings for investment purposes) in emerging and frontier markets securities. This strategy is not fundamental, but should the Portfolio decide to change this strategy, it will provide shareholders with at least 60 days&#8217; prior written notice.<br/><br/>The Portfolio also may invest in derivatives, including forward foreign currency exchange contracts and equity derivative securities such as participation notes; options on common stocks; and options, futures and options on futures on foreign common stock indices. Because some emerging market countries do not permit foreigners to participate directly in their securities markets or otherwise present difficulties for efficient foreign investment, the Portfolio may use equity derivative securities, and, in particular, participation notes, to gain exposure to those countries.Principal RisksPortfolio PerformanceThe Portfolio is subject to numerous risks, any of which could cause an investor to lose money.The bar chart below shows how the Portfolio&#8217;s investment results have varied from year to year. The table that follows shows how the Advisor Class average annual total returns compare with a broad measure of market performance. Together these provide an indication of the risks of investing in the Portfolio. How the Advisor Class of the Portfolio has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. <br/><br/>Updated Portfolio performance information is available at www.hardingloevnerfunds.com or by calling (877) 435-8105.The bar chart below shows how the Portfolio&#8217;s investment results have varied from year to year. The table that follows shows how the Advisor Class average annual total returns compare with a broad measure of market performance.(877) 435-8105www.hardingloevnerfunds.comHow the Advisor Class of the Portfolio has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future.best calendar quarter return2009-06-300.3285the worst2008-12-31-0.2799After-tax returns in the table above are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Portfolio shares through tax-deferred arrangements, such as 401(k) plans or Individual Retirement Accounts.In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Portfolio shares at the end of the measurement period.0.22730.21490.16430.18230.16650.1640.15240.1651-0.0093-0.0121-0.0077-0.0092International Equity PortfolioInvestment ObjectiveThe International Equity Portfolio (the &#8220;Portfolio&#8221;) seeks long-term capital appreciation through investments in equity securities of companies based outside the United States.Portfolio Fees and ExpensesThis table describes the fees and expenses that you may pay if you buy and hold shares of the Investor Class of the Portfolio. There is no sales charge imposed on purchases of shares.Shareholder Fees<br/>(fees paid directly from your investment)Annual Portfolio Operating Expenses<br/>(expenses that you pay each year as a<br/>percentage of the value of your investment)0.00740.00250.00250.012400.0124Average Annual Total Returns <br/>(for the periods ended December 31, 2012)0.23880.23710.15760.1850.03350.03330.0293-0.0040.03970.03920.03470.0033February 28, 2014&#9632;&nbsp;&nbsp;&nbsp;&nbsp;<b>Example</b>:This example is intended to help you compare the cost of investing in the Investor Class of the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Investor Class of the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Investor Class&#8217;s operating expenses remain the same, except that the example assumes that the fee waiver and expense reimbursement agreement pertains only through February 28, 2014. Although your actual costs may be higher or lower, based on these assumptions your costs would be:0.56341260.28850.38623930.28730.3594-0.52330.63460.2098-0.175168115000.2273Portfolio TurnoverThe Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio&#8217;s performance. During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was 14% of the average value of its portfolio.February 28, 2014Expense information in this table has been restated to reflect current fees.International Small Companies PortfolioInvestment ObjectiveThe International Small Companies Portfolio (the &#8220;Portfolio&#8221;) seeks long-term capital appreciation through investments in equity securities of small companies based outside the United States.0.14Principal Investment StrategiesPortfolio Fees and ExpensesThis table describes the fees and expenses that you may pay if you buy and hold shares of the Investor Class of the Portfolio. There is no sales charge imposed on purchases of shares.Shareholder Fees<br/>(fees paid directly from your investment)Annual Portfolio Operating Expenses<br/>(expenses that you pay each year as a <br/>percentage of the value of your investment)&#9632;&nbsp;&nbsp;&nbsp;&nbsp;<b>Example</b>:Average Annual Total Returns<br/>(for the periods ended December 31, 2012)-0.0047This example is intended to help you compare the cost of investing in the Investor Class of the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Investor Class of the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Investor Class&#8217;s operating expenses remain the same, except that the example assumes the fee waiver and expense reimbursement agreement pertains only through February 28, 2014. Although your actual costs may be higher or lower, based on these assumptions your costs would be:Portfolio TurnoverThe Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio&#8217;s performance. During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was 10% of the average value of its portfolio.Principal Investment StrategiesThe Portfolio invests in small companies based outside the U.S., including companies in emerging and frontier as well as in developed markets. Companies considered to be small are those with a market capitalization below US$3 billion. Harding Loevner LP (&#8220;Harding Loevner&#8221;), the Portfolio&#8217;s investment adviser, undertakes fundamental research in an effort to identify companies that are well managed, financially sound, fast growing and strongly competitive and whose shares are under-priced relative to their intrinsic value. To reduce its volatility, the Portfolio is diversified across dimensions of geography, industry and currency. The Portfolio normally holds 50-200 investments across at least 12 countries.<br/><br/>Factors bearing on whether a company is considered to be &#8220;based&#8221; outside the United States may include: (1) it is legally domiciled outside the United States; (2) it conducts at least 50% of its business, as measured by the location of its sales, earnings, assets, or production, outside the United States; or (3) it has the principal exchange listing for its securities outside the United States.<br/><br/>The Portfolio will normally invest broadly in companies domiciled in the following countries and regions: (1) Europe; (2) the Pacific Rim; (3) Canada and Mexico; and (4) countries with emerging or frontier markets. At least 65% of total assets will be denominated in at least three currencies other than the U.S. Dollar. For purposes of compliance with this restriction, American Depositary Receipts, Global Depositary Receipts, and European Depositary Receipts (collectively, &#8220;Depositary Receipts&#8221;) will be considered to be denominated in the currency of the country where the securities underlying the Depositary Receipts are traded.<br/><br/>The Portfolio invests at least 80% of its net assets (plus any borrowings for investment purposes) in common stocks, preferred stocks, rights and warrants issued by small companies that are based outside the United States, securities convertible into such securities (including Depositary Receipts), and investment companies that invest in the types of securities in which the Portfolio would normally invest. This strategy is not fundamental, but should the Portfolio decide to change this strategy, it will provide shareholders with at least 60 days&#8217; prior written notice. If the Portfolio continues to hold securities of small companies whose market capitalization, subsequent to purchase, grows to exceed US$3 billion, it may continue to treat them as small for the purposes of the 80% requirement. The Portfolio also may invest in securities of U.S. companies that derive, or are expected to derive, a significant portion of their revenues from their foreign operations, although under normal circumstances not more than 15% of the Portfolio&#8217;s total assets will be invested in securities of U.S. companies.<br/><br/>The Portfolio may also invest in derivatives, including forward foreign currency exchange contracts and equity derivative securities such as participation notes; options on common stocks; and options, futures, and options on futures on foreign common stock indices. Because some emerging market countries do not permit foreigners to participate directly in their securities markets or otherwise present difficulties for efficient foreign investment, the Portfolio may use equity derivative securities, and, in particular, participation notes, to gain exposure to those countries.Principal RisksThe Portfolio is subject to numerous risks, any of which could cause an investor to lose money. The principal risks of the Portfolio are as follows:<ul type="square"><li><b>Market Risk</b>:&nbsp; Investments in the Portfolio may lose value due to a general downturn in stock markets.</li></ul><ul type="square"><li><b>Currency Risk</b>:&nbsp; Foreign currencies may experience steady or sudden devaluation relative to the U.S. dollar, adversely affecting the value of the Portfolio&#8217;s investments. Because the Portfolio&#8217;s net asset value is determined on the basis of U.S. dollars, if the local currency of a foreign market depreciates against the U.S. dollar, you may lose money even if the foreign market prices of the Portfolio&#8217;s holdings rise.</li></ul><ul type="square"><li><b>Foreign Investment Risk</b>:&nbsp; Securities issued by foreign entities involve risks not associated with U.S. investments. These risks include additional taxation, political, economic, social or diplomatic instability, and the above-mentioned possibility of changes in foreign currency exchange rates. There may also be less publicly-available information about a foreign issuer.</li></ul><ul type="square"><li><b>Emerging and Frontier Market Risk</b>:&nbsp; Emerging and frontier market securities involve unique risks, such as exposure to economies less diverse and mature than that of the U.S. or more established foreign markets. Economic or political instability may cause larger price changes in emerging or frontier market securities than in securities of issuers based in more developed foreign countries.</li></ul><ul type="square"><li><b>Small Company Risk</b>:&nbsp; The securities of smaller companies have historically exhibited more volatility with a lower degree of liquidity than large companies.</li></ul><ul type="square"><li><b>Participation Notes Risk</b>:&nbsp; Participation notes are designed to replicate the return of a particular underlying equity or debt security, currency or market. Participation notes involve the same risks associated with a direct investment in the underlying security, currency, or market. In addition, participation notes involve counterparty risk, because the Portfolio has no rights against the issuer(s) of the underlying security(ies) and must rely on the creditworthiness of the issuer of the participation note.</li></ul>Portfolio PerformanceThe bar chart below shows how the Portfolio&#8217;s investment results have varied from year to year. The table that follows shows how the Portfolio&#8217;s Investor Class average annual total returns compare with a broad measure of market performance. Together, these provide an indication of the risks of investing in the Portfolio. How the Investor Class of the Portfolio has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. <br /><br />Updated Portfolio performance information is available at www.hardingloevnerfunds.com or by calling (877) 435-8105.The Portfolio invests in companies based in developed markets outside the U.S. as well as in established companies in emerging and frontier markets. Harding Loevner LP (&#8220;Harding Loevner&#8221;), the Portfolio&#8217;s investment adviser, undertakes fundamental research in an effort to identify companies that are well managed, financially sound, fast growing and strongly competitive and whose shares are under-priced relative to their intrinsic value. To reduce its volatility, the Portfolio is diversified across dimensions of geography, industry, currency and market capitalization. The Portfolio normally holds 35-75 investments across at least 15 countries.<br/><br/>Factors bearing on whether a company is considered to be &#8220;based&#8221; outside the United States may include: (1) it is legally domiciled outside the United States; (2) it conducts at least 50% of its business, as measured by the location of its sales, earnings, assets, or production, outside the United States; or (3) it has the principal exchange listing for its securities outside the United States.<br/><br/> The Portfolio will normally invest broadly in equity securities of companies domiciled in the following countries and regions: (1) Europe; (2) the Pacific Rim; (3) Canada and Mexico; and (4) countries with emerging or frontier markets. At least 65% of total assets will be denominated in at least three currencies other than the U.S. Dollar. For purposes of compliance with this restriction, American Depositary Receipts, Global Depositary Receipts, and European Depositary Receipts (collectively, &#8220;Depositary Receipts&#8221;), will be considered to be denominated in the currency of the country where the securities underlying the Depositary Receipts are traded.<br/><br/> The Portfolio invests at least 80% of its net assets (plus any borrowings for investment purposes) in common stocks, preferred stocks, rights and warrants issued by companies that are based outside the United States, securities convertible into such securities (including Depositary Receipts), and investment companies that invest in the types of securities in which the Portfolio would normally invest. This strategy is not fundamental, but should the Portfolio decide to change this strategy, it will provide shareholders with at least 60 days&#8217; prior written notice. The Portfolio also may invest in securities of U.S. companies that derive, or are expected to derive, a significant portion of their revenues from their foreign operations, although under normal circumstances not more than 15% of the Portfolio&#8217;s total assets will be invested in securities of U.S. companies.<br/><br/> The Portfolio may also invest in derivatives, including forward foreign currency exchange contracts and equity derivative securities such as participation notes; options on common stocks; and options, futures, and options on futures on foreign common stock indices. Because some emerging market countries do not permit foreigners to participate directly in their securities markets or otherwise present difficulties for efficient foreign investment, the Portfolio may use equity derivative securities, and, in particular, participation notes, to gain exposure to those countries.The best calendar quarter return during the period shown above was 42.23% in the 2nd quarter of 2009; the worst was -24.79% in the 4th quarter of 2008.Principal Risksbest calendar quarter return2009-06-300.4223the worst2008-12-31-0.2479The Portfolio is subject to numerous risks, any of which could cause an investor to lose money. The principal risks of the Portfolio are as follows: <ul type="square"><li><b>Market Risk</b>: &nbsp;Investments in the Portfolio may lose value due to a general downturn in stock markets. </li></ul><ul type="square"><li><b>Currency Risk</b>: &nbsp;Foreign currencies may experience steady or sudden devaluation relative to the U.S. dollar, adversely affecting the value of the Portfolio&#8217;s investments. Because the Portfolio&#8217;s net asset value is determined on the basis of U.S. dollars, if the local currency of a foreign market depreciates against the U.S. dollar, you may lose money even if the foreign market prices of the Portfolio&#8217;s holdings rise.</li></ul><ul type="square"><li><b>Foreign Investment Risk</b>: &nbsp;Securities issued by foreign entities involve risks not associated with U.S. investments. These risks include additional taxation, political, economic, social or diplomatic instability, and the above-mentioned possibility of changes in foreign currency exchange rates. There may also be less publicly-available information about a foreign issuer. </li></ul><ul type="square"><li><b>Emerging and Frontier Market Risk</b>: &nbsp;Emerging and frontier market securities involve unique risks, such as exposure to economies less diverse and mature than that of the U.S. or more established foreign markets. Economic or political instability may cause larger price changes in emerging or frontier market securities than in securities of issuers based in more developed foreign countries. </li></ul><ul type="square"><li><b>Debt Securities Risk</b>: &nbsp;Debt securities may lose value due to unfavorable fluctuations in the level of interest rates or due to a decline in the creditworthiness of the issuer. As interest rates rise, the value of debt securities declines. This risk is generally greater for debt securities with longer maturities than for debt securities with shorter maturities. </li></ul><ul type="square"><li><b>Participation Notes Risk</b>: &nbsp;Participation notes are designed to replicate the return of a particular underlying equity or debt security, currency or market. Participation notes involve the same risks associated with a direct investment in the underlying security, currency, or market. In addition, participation notes involve counterparty risk, because the Portfolio has no rights against the issuer(s) of the underlying security(ies) and must rely on the creditworthiness of the issuer of the participation note. </li></ul>-0.48170.72270.2346-0.13670.2388International Small Companies PortfolioIn some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Portfolio shares at the end of the measurement period.Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Portfolio shares through tax-deferred arrangements, such as 401(k) plans or Individual Retirement Accounts.After-tax returns in the table above are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.www.hardingloevnerfunds.com(877) 435-8105The bar chart below shows how the Portfolio&#8217;s investment results have varied from year to year. The table that follows shows how the Portfolio&#8217;s Investor Class average annual total returns compare with a broad measure of market performance.How the Investor Class of the Portfolio has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future.The Portfolio is subject to numerous risks, any of which could cause an investor to lose money.<div style="display:none">~ http://www.hardingloevnerfunds.com/role/ScheduleShareholderFeesHardingLoevnerEmergingMarketsPortfolio column period compact * ~</div>
The Portfolio is subject to numerous risks, any of which could cause an investor to lose money. The principal risks of the Portfolio are as follows: <ul type="square"><li><b>Market Risk</b>:&nbsp; Investments in the Portfolio may lose value due to a general downturn in stock markets.</li></ul><ul type="square"><li><b> Currency Risk</b>:&nbsp; Foreign currencies may experience steady or sudden devaluation relative to the U.S. dollar, adversely affecting the value of the Portfolio&#8217;s investments. Because the Portfolio&#8217;s net asset value is determined on the basis of U.S. dollars, if the local currency of a foreign market depreciates against the U.S. dollar, you may lose money even if the foreign market prices of the Portfolio&#8217;s holdings rise.</li></ul><ul type="square"><li><b>Foreign Investment Risk</b>:&nbsp; Securities issued by foreign entities involve risks not associated with U.S. investments. These risks include additional taxation, political, economic, social or diplomatic instability, and the above-mentioned possibility of changes in foreign currency exchange rates. There may also be less publicly-available information about a foreign issuer.</li></ul><ul type="square"><li><b>Emerging and Frontier Market Risk</b>:&nbsp; Emerging and frontier market securities involve unique risks, such as exposure to economies less diverse and mature than that of the U.S. or more established foreign markets. Economic or political instability may cause larger price changes in emerging or frontier market securities than in securities of issuers based in more developed foreign countries.</li></ul><ul type="square"><li><b> Participation Notes Risk</b>:&nbsp; Participation notes are designed to replicate the return of a particular underlying equity or debt security, currency or market. Participation notes involve the same risks associated with a direct investment in the underlying security, currency or market. In addition, participation notes involve counterparty risk, because the Portfolio has no rights against the issuer(s) of the underlying security(ies) and must rely on the creditworthiness of the issuer of the participation note. </li></ul>0.1<div style="display:none">~ http://www.hardingloevnerfunds.com/role/ScheduleAnnualFundOperatingExpensesHardingLoevnerEmergingMarketsPortfolio column period compact * ~</div>
The Portfolio is subject to numerous risks, any of which could cause an investor to lose money.<div style="display:none">~ http://www.hardingloevnerfunds.com/role/ScheduleExpenseExampleTransposedHardingLoevnerEmergingMarketsPortfolio column period compact * ~</div>
<div style="display:none">~ http://www.hardingloevnerfunds.com/role/ScheduleAnnualTotalReturnsHardingLoevnerEmergingMarketsPortfolioBarChart column period compact * ~</div>
<div style="display:none">~ http://www.hardingloevnerfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedHardingLoevnerEmergingMarketsPortfolio column period compact * ~</div>
The best calendar quarter return during the period shown above was 32.85% in the 2nd quarter of 2009; the worst was -27.99% in the 4th quarter of 2008.Portfolio PerformanceThe bar chart below shows how the Portfolio&#8217;s investment results have varied from year to year. The table that follows shows how the Portfolio&#8217;s Investor Class average annual total returns compare with a broad measure of market performance. Together, these provide an indication of the risks of investing in the Portfolio. How the Investor Class of the Portfolio has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. <br/><br/>Updated Portfolio performance information is available at www.hardingloevnerfunds.com or by calling (877) 435-8105.The bar chart below shows how the Portfolio&#8217;s investment results have varied from year to year. The table that follows shows how the Portfolio&#8217;s Investor Class average annual total returns compare with a broad measure of market performance.How the Investor Class of the Portfolio has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future.www.hardingloevnerfunds.com(877) 435-8105The best calendar quarter return during the period shown above was 21.31% in the 2nd quarter of 2009; the worst was -22.21% in the 4th quarter of 2008.-0.02best calendar quarter return2009-06-300.2131the worst2008-12-31-0.22210.22670.1273-0.3940.40140.1733-0.10090.1973Emerging Markets PortfolioPrincipal Investment StrategiesInternational Equity PortfolioAverage Annual Total Returns <br/>(for the periods ended December 31, 2012)0.19730.19630.12950.16840.01410.00790.0103-0.02890.06180.05390.05230.0407After-tax returns in the table above are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Portfolio shares at the end of the measurement period.Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Portfolio shares through tax-deferred arrangements, such as 401(k) plans or Individual Retirement Accounts.-0.022005-09-300.0150.00250.0296-0.0246119921754641<div style="display:none">~ http://www.hardingloevnerfunds.com/role/ScheduleAnnualFundOperatingExpensesHardingLoevnerInternationalEquityPortfolioInvestorClass column period compact * ~</div>
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2007-03-26Principal Investment StrategiesThe Portfolio invests primarily in companies that are based in frontier emerging markets, including the smaller traditionally-recognized emerging markets. Frontier emerging markets, with the exception of the oil-producing Gulf States and certain of the smaller traditionally-recognized emerging markets, tend to have relatively low gross national product per capita compared to the larger traditionally-recognized emerging markets and the world&#8217;s major developed economies. The frontier emerging markets include the least developed markets even by emerging markets standards. Frontier emerging markets offer investment opportunities that arise from long-term trends in demographics, deregulation, offshore outsourcing and improving corporate governance in developing countries. Harding Loevner LP (&#8220;Harding Loevner&#8221;), the Portfolio&#8217;s investment adviser, undertakes fundamental research in an effort to identify companies that are well managed, financially sound, fast growing and strongly competitive, and whose shares are under-priced relative to their intrinsic value. To reduce its volatility, the Portfolio is diversified across dimensions of geography, industry and currency. The Portfolio normally holds 50-200 investments across at least 12 countries.<br/><br/>As used herein, frontier emerging markets include countries that are represented in the MSCI Frontier Markets Index or the S&amp;P Frontier Markets BMI, or similar market indices, and the smaller of the traditionally-recognized emerging markets, such as those individually constituting less than 5% of the MSCI Emerging Markets Index or the S&amp;P Emerging Markets BMI. Factors bearing on whether a company is considered to be &#8220;based&#8221; in a frontier emerging market may include: (1) it is legally domiciled in a frontier emerging market; (2) it conducts at least 50% of its business, as measured by the location of its sales, earnings, assets, or production, in frontier emerging markets; or (3) it has the principal exchange listing for its securities in a frontier emerging market. Frontier emerging markets generally include all countries except the developed markets of Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States and the larger traditionally-recognized emerging markets of Taiwan, Korea, Mexico, South Africa, Brazil, India, China and Russia. At least 65% of the Portfolio&#8217;s Net Assets will be denominated in at least three currencies other than the U.S. Dollar. For purposes of compliance with this restriction, American Depositary Receipts, Global Depositary Receipts and European Depositary Receipts (collectively, &#8220;Depositary Receipts&#8221;) will be considered to be denominated in the currency of the country where the securities underlying the Depositary Receipts are traded. <br/><br/>The Portfolio invests at least 65% of its total assets in common stocks, preferred stocks, rights and warrants issued by companies that are based in the frontier emerging markets, securities convertible into such securities (including Depositary Receipts), and investment companies that invest in the types of securities in which the Portfolio would normally invest. The Portfolio also may invest in securities of U.S. companies that derive, or are expected to derive, a significant portion of their revenues from their foreign operations, although under normal circumstances, not more than 15% of the Portfolio&#8217;s total assets will be invested in securities of U.S. companies. The Portfolio may invest in short-term or other debt securities. The Portfolio may invest up to 35% of its total assets in debt securities of domestic and foreign issuers, including such instruments as corporate bonds, debentures, notes, commercial paper, short-term notes, and medium-term notes and variable rate notes. <br/><br/>The Portfolio invests at least 80% of its net assets (plus any borrowings for investment purposes) in frontier emerging market securities. This strategy is not fundamental, but should the Portfolio decide to change this strategy, it will provide shareholders with at least 60 days&#8217; prior written notice. <br/><br/>The Portfolio may also invest in derivatives, including forward foreign currency exchange contracts and equity derivative securities such as participation notes; options on common stocks; and options, futures and options on futures on foreign common stock indices. Because some emerging market countries do not permit foreigners to participate directly in their securities markets or otherwise present difficulties for efficient foreign investment, the Portfolio may use equity derivative securities, and, in particular, participation notes, to gain exposure to those countries.2280.04710.0225Frontier Emerging Markets PortfolioPortfolio TurnoverThe Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio&#8217;s performance. During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was 72% of the average value of its portfolio.0.72&#9632;&nbsp;&nbsp;&nbsp;&nbsp;<b>Example</b>:This example is intended to help you compare the cost of investing in the Investor Class of the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Investor Class of the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% rate of return each year and that the Investor Class&#8217;s operating expenses remain the same, except that the example assumes that the fee waiver and expense reimbursement agreement pertains only through February 28, 2014. Although your actual costs may be higher or lower, based on these assumptions your costs would be:February 28, 2014Principal RisksPortfolio PerformanceThe Portfolio is subject to numerous risks, any of which could cause an investor to lose money.The bar chart below shows how the Portfolio&#8217;s investment results have varied from year to year. The table that follows shows how the Portfolio&#8217;s Investor Class average annual total returns compare with a broad measure of market performance. Together, these provide an indication of the risks of investing in the Portfolio. How the Investor Class of the Portfolio has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. <br/><br/>Updated Portfolio performance information is available at www.hardingloevnerfunds.com or by calling (877) 435-8105.The best calendar quarter return during the period shown above was 10.42% in the 1st quarter of 2012; the worst was -15.70% in the 3rd quarter of 2011.The bar chart below shows how the Portfolio&#8217;s investment results have varied from year to year. The table that follows shows how the Portfolio&#8217;s Investor Class average annual total returns compare with a broad measure of market performance.(877) 435-8105www.hardingloevnerfunds.comHow the Investor Class of the Portfolio has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future.February 28, 2014After-tax returns in the table above are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Portfolio shares through tax-deferred arrangements, such as 401(k) plans or Individual Retirement Accounts.In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Portfolio shares at the end of the measurement period.best calendar quarter return2012-03-310.1042the worst2011-09-30-0.157-0.21390.19750.19750.19580.13080.2087-0.0298-0.0308-0.0253-0.0017Average Annual Total Returns <br/>(for the periods ended December 31, 2012)Frontier Emerging Markets PortfolioAnnual Portfolio Operating Expenses<br/>(expenses that you pay each year as a<br/>percentage of the value of your investment)Shareholder Fees<br/>(fees paid directly from your investment)Investment ObjectiveThe Frontier Emerging Markets Portfolio (the &#8220;Portfolio&#8221;) seeks long-term capital appreciation through investments in equity securities of companies based in frontier and smaller emerging markets.Portfolio Fees and ExpensesThis table describes the fees and expenses that you may pay if you buy and hold shares of the Investor Class of the Portfolio. There is no sales charge imposed on purchases of shares.The Portfolio is subject to numerous risks, any of which could cause an investor to lose money. The principal risks of the Portfolio are as follows: <ul type="square"><li><b>Market Risk</b>: &nbsp;Investments in the Portfolio may lose value due to a general downturn in stock markets. </li></ul><ul type="square"><li><b>Currency Risk</b>: &nbsp;Foreign currencies may experience steady or sudden devaluation relative to the U.S. dollar, adversely affecting the value of the Portfolio&#8217;s investments. Because the Portfolio&#8217;s net asset value is determined on the basis of U.S. dollars, if the local currency of a foreign market depreciates against the U.S. dollar, you may lose money even if the foreign market prices of the Portfolio&#8217;s holdings rise. </li></ul><ul type="square"><li><b>Foreign Investment Risk</b>: &nbsp;Securities issued by foreign entities involve risks not associated with U.S. investments. These risks include additional taxation, political, economic, social or diplomatic instability, and the above-mentioned possibility of changes in the foreign currency exchange rates. There may also be less publicly-available information about a foreign issuer. Such risks may be magnified with respect to securities of issuers in frontier emerging markets. </li></ul><ul type="square"><li><b>Frontier Emerging Market Risk</b>: &nbsp;Frontier emerging market securities involve unique risks, such as exposure to economies less diverse and mature than that of the U.S. or more established foreign markets. Economic or political instability may cause larger price changes in frontier emerging market securities than in securities of issuers based in more developed foreign countries, including securities of issuers based in larger emerging markets. Frontier emerging markets generally receive less investor attention than developed markets and larger emerging markets. </li></ul><ul type="square"><li><b>Debt Securities Risk</b>: &nbsp;Debt securities may lose value due to unfavorable fluctuations in the level of interest rates or due to a decline in the creditworthiness of the issuer. As interest rates rise, the value of debt securities declines. This risk is generally greater for debt securities with longer maturities than for debt securities with shorter maturities. </li></ul><ul type="square"><li><b>Participation Notes Risk</b>: &nbsp;Participation notes are designed to replicate the return of a particular underlying equity or debt security, currency or market. Participation notes involve the same risks associated with a direct investment in the underlying security, currency or market. In addition, participation notes involve counterparty risk, because the Portfolio has no rights under participation notes against the issuer(s) of the underlying security(ies) and must rely on the creditworthiness of the issuer of the participation note. </li></ul><ul type="square"><li><b>Concentration Risk</b>: &nbsp;The Portfolio may invest up to 35% of its total assets in securities of companies in any one industry if, at the time of investment, that industry represents 20% or more of the Portfolio&#8217;s benchmark index, currently the MSCI Frontier Emerging Markets Index. Accordingly, at any time the Portfolio has such a concentration of investments in a single industry group, it will be particularly vulnerable to factors that adversely affect that industry group. </li></ul><div style="display:none">~ http://www.hardingloevnerfunds.com/role/ScheduleShareholderFeesHardingLoevnerFrontierEmergingMarketsPortfolioInvestorClass column period compact * ~</div>
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0.01140.00250.00330.017200.01720.22730.21490.16430.1823-0.0093-0.0121-0.0077-0.00920.16650.1640.15240.1651Expense information in this table has been restated to reflect current fees.1755429332030Investment ObjectiveThe Emerging Markets Portfolio (the &#8220;Portfolio&#8221;) seeks long-term capital appreciation through investments in equity securities of companies based in emerging markets.Portfolio Fees and ExpensesThis table describes the fees and expenses that you may pay if you buy and hold shares of the Investor Class of the Portfolio. There is no sales charge imposed on purchases of shares.This example is intended to help you compare the cost of investing in the Investor Class of the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Investor Class of the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Investor Class&#8217;s operating expenses remain the same except that the example assumes that the fee waiver and expense reimbursement agreement pertains only through February 28, 2014. Although your actual costs may be higher or lower, based on these assumptions your costs would be:Portfolio TurnoverThe Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio&#8217;s performance. During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was 42% of the average value of its portfolio.Principal Investment StrategiesThe Portfolio invests primarily in companies that are based in emerging and frontier markets. It may also invest in short-term or other debt securities. Emerging and frontier markets offer investment opportunities that arise from long-term trends in demographics, deregulation, offshore outsourcing and improving corporate governance in developing countries. Harding Loevner LP (&#8220;Harding Loevner&#8221;), the Portfolio&#8217;s investment adviser, undertakes fundamental research in an effort to identify companies that are well managed, financially sound, fast growing and strongly competitive, and whose shares are under-priced relative to their intrinsic value. To reduce its volatility, the Portfolio is diversified across dimensions of geography, industry and currency. The Portfolio normally holds 50-80 investments across at least 15 countries. Emerging and frontier markets include countries that have an emerging stock market as defined by Morgan Stanley Capital International, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets with similar characteristics. Emerging and frontier markets tend to have relatively low gross national product per capita compared to the world&#8217;s major economies and may have the potential for rapid economic growth. <br/><br/>Factors bearing on whether a company is considered to be &#8220;based&#8221; in an emerging or frontier market may include: (1) it is legally domiciled in an emerging or frontier market; (2) it conducts at least 50% of its business, as measured by the location of its sales, earnings, assets, or production, in an emerging or frontier market; or (3) it has the principal exchange listing for its securities in an emerging or frontier market.<br/><br/>The Portfolio will invest broadly in equity and debt securities of companies domiciled in one of at least 15 countries with emerging or frontier markets, generally considered to include all countries except Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. At least 65% of the Portfolio&#8217;s total assets will be denominated in at least three currencies other than the U.S. Dollar. For purposes of compliance with this restriction, American Depositary Receipts, Global Depositary Receipts and European Depositary Receipts (collectively, &#8220;Depositary Receipts&#8221;) will be considered to be denominated in the currency of the country where the securities underlying the Depositary Receipts are traded.<br/><br/>The Portfolio invests at least 65% of its total assets in common stocks, preferred stocks, rights and warrants issued by companies that are based in emerging or frontier markets, securities convertible into such securities (including Depositary Receipts), and investment companies that invest in the types of securities in which the Portfolio would normally invest. The Portfolio also may invest in securities of U.S. companies that derive, or are expected to derive, a significant portion of their revenues from their foreign operations, although under normal circumstances, not more than 15% of the Portfolio&#8217;s total assets will be invested in securities of U.S. companies. The Portfolio also may invest up to 35% of its total assets in debt securities of domestic and foreign issuers, including such instruments as corporate bonds, debentures, notes, commercial paper, short-term notes, medium-term notes and variable rate notes.<br/><br/>The Portfolio invests at least 80% of its net assets (plus any borrowings for investment purposes) in emerging and frontier markets securities. This strategy is not fundamental, but should the Portfolio decide to change this strategy, it will provide shareholders with at least 60 days&#8217; prior written notice.<br/><br/>The Portfolio also may invest in derivatives, including forward foreign currency exchange contracts and equity derivative securities such as participation notes; options on common stocks; and options, futures and options on futures on foreign common stock indices. Because some emerging market countries do not permit foreigners to participate directly in their securities markets or otherwise present difficulties for efficient foreign investment, the Portfolio may use equity derivative securities, and, in particular, participation notes, to gain exposure to those countries.The Portfolio is subject to numerous risks, any of which could cause an investor to lose money. The principal risks of the Portfolio are as follows:<ul type="square"><li><b>Market Risk</b>:&nbsp; Investments in the Portfolio may lose value due to a general downturn in stock markets.</li></ul><ul type="square"><li><b>Currency Risk</b>:&nbsp; Foreign currencies may experience steady or sudden devaluation relative to the U.S. dollar, adversely affecting the value of the Portfolio&#8217;s investments. Because the Portfolio&#8217;s net asset value is determined on the basis of U.S. dollars, if the local currency of a foreign market depreciates against the U.S. dollar, you may lose money even if the foreign market prices of the Portfolio&#8217;s holdings rise.</li></ul><ul type="square"><li><b>Foreign Investment Risk</b>:&nbsp; Securities issued by foreign entities involve risks not associated with U.S. investments. These risks include additional taxation, political, economic, social or diplomatic instability, and the above-mentioned possibility of changes in foreign currency exchange rates. There may also be less publicly-available information about a foreign issuer.</li></ul><ul type="square"><li><b>Emerging and Frontier Market Risk</b>:&nbsp; Emerging and frontier market securities involve unique risks, such as exposure to economies less diverse and mature than that of the U.S. or more established foreign markets. Economic or political instability may cause larger price changes in emerging or frontier market securities than in securities of issuers based in more developed foreign countries.</li></ul><ul type="square"><li><b>Debt Securities Risk</b>:&nbsp; Debt securities may lose value due to unfavorable fluctuations in the level of interest rates or due to a decline in the creditworthiness of the issuer. As interest rates rise, the value of debt securities declines. This risk is generally greater for debt securities with longer maturities than for debt securities with shorter maturities.</li></ul><ul type="square"><li><b>Participation Notes Risk</b>:&nbsp; Participation notes are designed to replicate the return of a particular underlying equity or debt security, currency or market. Participation notes involve the same risks associated with a direct investment in the underlying security, currency, or market. In addition, participation notes involve counterparty risk, because the Portfolio has no rights against the issuer(s) of the underlying security(ies) and must rely on the creditworthiness of the issuer of the participation note.</li></ul>The Investor Class of the Portfolio has not yet been in operation for a calendar year. Accordingly, the performance information shown below is for the Advisor Class of the Portfolio which is not offered in this Prospectus but would have substantially similar annual returns as the Investor Class because both classes of shares are invested in the same portfolio of securities. Annual returns will differ only to the extent that the classes do not have the same expenses. Specifically, the performance shown for the Advisor Class does not reflect the 0.25% distribution fee that is charged to Investor Class shares. Had these been reflected, the performance shown would have been lower. <br/><br/>Updated Portfolio performance information is available at www.hardingloevnerfunds.com or by calling (877) 435-8105.The best calendar quarter return during the period shown above was 32.85% in the 2nd quarter of 2009; the worst was -27.99% in the 4th quarter of 2008.Portfolio Performancebest calendar quarter returnthe worst0.3285-0.27992009-06-302008-12-31www.hardingloevnerfunds.com(877) 435-81050.42After-tax returns in the table above are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Portfolio shares through tax-deferred arrangements, such as 401(k) plans or Individual Retirement Accounts.In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Portfolio shares at the end of the measurement period.The Portfolio is subject to numerous risks, any of which could cause an investor to lose money.February 28, 2014Expense information in this table has been restated to reflect current fees.Other expenses have been estimated based on actual expenses of the Advisor Class during the fiscal year ended October 31, 2012.0.56340.28850.38620.28730.3594-0.52330.63460.2098-0.17510.2273PORTFOLIO SUMMARY<br />Emerging Markets Portfolio<br/><br/>The Investor Class of the Emerging Markets Portfolio is not currently available.Shareholder Fees<br/>(fees paid directly from your investment)Average Annual Total Returns<br/>(for the periods ended December 31, 2012)Annual Portfolio Operating Expenses<br/>(expenses that you pay each year as a <br/>percentage of the value of your investment)<div style="display:none">~ http://www.hardingloevnerfunds.com/role/ScheduleShareholderFeesHardingLoevnerEmergingMarketsPortfolioAdvisorClass column period compact * ~</div>
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&#9632;&nbsp;&nbsp;&nbsp;&nbsp;<b>Example</b>:Principal RisksThe Investor Class of the Portfolio has not yet been in operation for a calendar year.Accordingly, the performance information shown below is for the Advisor Class of the Portfolio which is not offered in this Prospectus but would have substantially similar annual returns as the Investor Class because both classes of shares are invested in the same portfolio of securities.Emerging Markets Portfolio0.31380.07610.16650.17840.1639-0.38290.40110.1529-0.08360.1705The best calendar quarter return during the period shown above was 20.80% in the 2nd quarter of 2009; the worst was -21.42% in the 4th quarter of 2008.best calendar quarter return2009-06-300.208the worst2008-12-31-0.2142Average Annual Total Returns<br/>(for the periods ended December 31, 2012)0.17050.17020.11120.16130.01350.01270.0114-0.01160.09230.08920.08210.0811February 28, 20140.32Expense information in this table has been restated to reflect current fees.The Portfolio is subject to numerous risks, any of which could cause an investor to lose money.The bar chart below shows how the Portfolio&#8217;s investment results have varied from year to year. The table that follows shows how the Portfolio&#8217;s Advisor Class average annual total returns compare with a broad measure of market performance.(877) 435-8105www.hardingloevnerfunds.comHow the Advisor Class of the Portfolio has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future.After-tax returns in the table above are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Portfolio shares through tax-deferred arrangements, such as 401(k) plans or Individual Retirement Accounts.In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Portfolio shares at the end of the measurement period.<div style="display:none">~ http://www.hardingloevnerfunds.com/role/ScheduleShareholderFeesHardingLoevnerGlobalEquityPortfolioAdvisorClass column period compact * ~</div>
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Harding Loevner LP has contractually agreed to waive a portion of its management fee and/or reimburse the Portfolio for its other operating expenses to the extent Total Annual Portfolio Operating Expenses, as a percentage of average daily net assets, exceed 1.00% through February 28, 2014.Expense information in this table has been restated to reflect current fees. Therefore, the expenses in this table will not correlate to the expenses shown in the Financial Highlights of the Portfolio.Harding Loevner LP has contractually agreed to waive a portion of its management fee and/or reimburse the Portfolio for its other operating expenses to the extent Total Annual Portfolio Operating Expenses, as a percentage of average daily net assets, exceed 0.95% through February 28, 2014.Harding Loevner LP has contractually agreed to waive a portion of its management fee and/or reimburse the Portfolio for its other operating expenses to the extent Total Annual Portfolio Operating Expenses, as a percentage of average daily net assets, exceed 1.30% through February 28, 2014.Harding Loevner LP has contractually agreed to waive a portion of its management fee and/or reimburse the Portfolio for its other operating expenses to the extent Total Annual Portfolio Operating Expenses, as a percentage of average daily net assets, exceed 1.25% through February 28, 2014.Harding Loevner LP has contractually agreed to waive a portion of its management fee and/or reimburse the Portfolio for its other operating expenses to the extent Total Annual Portfolio Operating Expenses, as a percentage of average daily net assets, exceed 1.75% through February 28, 2014.Harding Loevner LP has contractually agreed to waive a portion of its management fees and/or reimburse the Portfolio for its other operating expenses to the extent Total Annual Portfolio Operating Expenses, as a percentage of average daily net assets, exceed 1.55% through February 28, 2014.Other expenses have been estimated based on actual expenses of the Advisor Class during the fiscal year ended October 31, 2012.After-tax returns in the table above are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Portfolio shares at the end of the measurement period. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Portfolio shares through tax-deferred arrangements, such as 401(k) plans or Individual Retirement Accounts.Harding Loevner LP has contractually agreed to waive a portion of its management fee and/or reimburse the Portfolio for its other operating expenses to the extent Total Annual Portfolio Operating Expenses, as a percentage of average daily net assets, exceed 2.00% through February 28, 2014.Harding Loevner LP has contractually agreed to waive a portion of its management fee and/or reimburse the Portfolio for its other operating expenses to the extent Total Annual Portfolio Operating Expenses, as a percentage of average daily net assets, exceed 2.25% through February 28, 2014.